- ED seized cash, froze 18 bank accounts, and flagged ₹3 crore in properties linked to an alleged crypto fraud network.
- Searches across Haryana and Chandigarh traced investor funds through personal and family-linked accounts.
- Probe under PMLA follows FIR naming four accused tied to Crypto World Trading Company operations.
India’s Enforcement Directorate (ED) has recovered cash, frozen bank accounts, and identified high-value properties following search operations linked to an alleged cryptocurrency investment fraud operating across parts of Haryana and Chandigarh. The action forms part of a money-laundering investigation tied to complaints of large-scale financial deception involving a firm operating under the name Crypto World Trading Company.
According to the Enforcement Directorate, officials from its Chandigarh Zonal Office conducted searches at nine residential premises on December 24. The locations included Ambala, Kurukshetra, Karnal, and Chandigarh. These searches were carried out under the provisions of the Prevention of Money Laundering Act (PMLA) in connection with alleged cheating involving investments claimed to be linked to cryptocurrency trading.
During the operations, investigators seized various documents and digital devices described as incriminating. The agency also recovered ₹4 lakh in cash from the searched premises. In addition, 18 bank accounts holding proceeds of crime amounting to ₹22.38 lakh were frozen as part of the enforcement action.
Properties and Financial Trail
The ED stated that the probe has also led to the identification of immovable assets valued at approximately ₹3 crore. These properties are alleged to have been acquired using funds collected from investors. According to investigators, some of these assets were registered in the names of family members of the accused individuals.
Financial analysis conducted by the agency indicated that investor funds were initially deposited into the personal bank accounts of the accused and later transferred through accounts belonging to relatives and associates. This pattern, the ED said, formed part of a layering process intended to conceal the origin of the funds.
Related: Indian ED Raids 21 Premises in Multiple States in Karnataka’s Crypto Fraud Case Investigation
Accused and Origin of the Case
The investigation was initiated following a First Information Report (FIR) registered by the Haryana Police. The FIR named four individuals, Vikas Kalra, Tarun Taneja, Kapil Kumar, and Pawan Kumar, as accused. The ED alleged that the group acted in collusion to collect large sums of money by encouraging people to invest through an online platform presented as Crypto World Trading Company.
Investigators further stated that cryptocurrency wallets were created on the global exchange Binance, which were allegedly used to receive funds from investors. The ED said these wallets formed part of the overall fund flow examined during the probe.
The federal agency noted that neither the accused individuals nor Binance were immediately available for comment regarding the allegations. The investigation remains ongoing, with authorities continuing to examine seized digital evidence and financial records to trace the full extent of the alleged proceeds of crime.
Related: Indian ED Arrests Crypto Scammer in $148M Extortion Case
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Source: https://coinedition.com/ed-recovers-%E2%82%B93-crore-assets-in-haryana-crypto-fraud-probe/
